Page 773 - IOM Law Society Rules Book

c.13 Proceeds of Crime Act 2008 395

(a) property for the time being subject to a restraint order
which was made under section 98 before the order
adjudging the person bankrupt;

(b) any property in respect of which an order under section
105 is in force.

(3) If in the case of a debtor an interim receiver stands at
any time appointed under section 8 of the Bankruptcy Code 1892 [VI p.312]
and any property of the debtor is then subject to a restraint order
made under section 97 the powers conferred on the receiver by
virtue of that Act do not apply to property then subject to the
restraint order.

202. (1) If a person is adjudged bankrupt the powers referred to Bankruptcy:
in subsection (2) must not be exercised in relation to the property restriction of
referred to in subsection (3). powers
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(2) The powers are the powers conferred on a court by
sections 97 to 116 and the powers of a receiver appointed under
section 103 or 105.

(3) This is the property —

(a) property which is for the time being comprised in the
bankrupt’s estate for the purposes of the Bankruptcy
Acts 1892 to 1988;

(b) property which is to be applied for the benefit of
creditors of the bankrupt by virtue of a condition
imposed under section 11(2) of the Bankruptcy Code
1892;

(c) in a case where a confiscation order has been made
under section 66 of this Act, any sums remaining in the
hands of a receiver appointed under section 105 of this
Act after the amount required to be paid under the
confiscation order has been fully paid.

(4) But nothing in the Bankruptcy Acts 1892 to 1988 must
be taken to restrict (or enable the restriction of) the powers referred
to in subsection (2).

203. (1) This section applies if a person who is adjudged Bankruptcy:
bankrupt has made a tainted gift (whether directly or indirectly). tainted gifts

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(2) No order may be made under or in respect of section 12,
30 or 31 of the Bankruptcy Code 1892 (avoidance of certain
transactions) in respect of the making of the gift at any time when —